The Shifting Sands of Housing Policy
The political landscape surrounding housing policy in Australia has undergone a dramatic shift in recent years. While Bill Shorten's ambitious housing reforms were rejected in the 2019 election, the public mood has demonstrably changed since then.
A YouGov poll commissioned by Q+A reveals an overwhelming majority of Australians believe in the right to own their own home and would support a 5% market fall to improve affordability. A staggering 63% support a ban on owning more than three residential properties to give first home buyers a better chance.
This shift in public sentiment is also reflected in other polls. A RedBridge poll commissioned by Everybody's Home found that 58% of Australians support limiting or abolishing negative gearing and the capital gains tax discount.
The housing crisis is becoming a lightning rod issue, speaking to the frustrations of a generation who feel the system is stacked against them. The renter class is becoming a powerful political constituency.
The National Housing Supply and Affordability Council, established by the federal government, acknowledges the need for a tax review to support greater housing supply. However, they emphasize the need for expert analysis to avoid unintended consequences.
The council's first report found that the national 1.2 million housing target is unlikely to be met in its current timeframe. This highlights the dilemma of slow progress and public frustration.
Labor's $32 billion commitment to housing has not received the public credit it deserves, demonstrating the need for better messaging.
The room is telling politicians that incrementalism on housing is no longer working. The public demands bolder action to address the crisis and create a fairer system for all Australians.